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SOCIAL REGULATION: Government regulation that addresses specific social problems, including pollution, product safety, worker safety, and discrimination. The late 1960s and early 1970s was a period of considerable social regulation. Within a 10-year period the government established several regulatory agencies, including Equal Employment Opportunity Commission, Environmental Protection Agency, National Highway Traffic Safety Administration, Occupational Safety and Health Administration, and Consumer Product Safety Commission, to deal with social problems.
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Lesson 4: Production Possibilities | Unit 5: Investment
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Page: 23 of 24
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Scarcity is THE economic problem. Investment in capital goods is the source of economic growth and progress that lessens the scarcity problem.- Some investment is good, but lot of investment is not necessarily better.
- If we produce only capital goods and no consumption goods, eventually, with no consumption, people would die.
- The trick is to strike a balance between capital goods and consumption goods.
- Answering this question puts us into the realm of normative economics.
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CONGLOMERATE MERGER The consolidation of two or more separately-owned businesses, operating in separate industries, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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CSO
Central Statistical Office
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